Home sales in the Cullman area rebound in March

Sales: According to the Cullman Association of Realtors, March residential sales increased 38.6% year-over-year from 83 to 115 closed transactions. Going along with seasonal trends, sales increased 76.9% from February. Two more resources to review: Quarterly Report and Annual Report.

For all of the Cullman County area’s housing data, click here.

Inventory: Total homes listed for sale in March declined 62.3% year-over-year from 416 to 154 listings, extending the area’s streak of Y/Y inventory declines to 23 months. Months of supply (inventory to sales ratio) declined from 5.0 to 1.3, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The area’s median sales price in March was $189,000, an increase of 18.2% from one year ago and a decrease of 10% from February. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.

Homes sold in March averaged 93 days on the market (DOM), 26 days faster than March 2020.

Forecast: March sales were 7 units, or 6.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 108 sales for the month, while actual sales were 115 units. ACRE forecast a total of 275 sales year-to-date, while there were 266 actual sales through March, a difference of 3.2%.
Click here to view the entire monthly report.

The Cullman County Residential Monthly Report is developed in conjunction with the Cullman Association of Realtors to better serve area consumers.

Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period March 1 – 31, 2021. Thus, the performance represented is historical and should not be used as an indicator of future results.